Wynn Resorts (NASDAQ:WYNN) Price Target Cut to $126.00

Wynn Resorts (NASDAQ:WYNN) had its price objective lowered by Wells Fargo & Company from $128.00 to $126.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the casino operator’s stock.

WYNN has been the topic of a number of other reports. Citigroup upped their price target on Wynn Resorts from $132.00 to $138.00 and gave the company a buy rating in a report on Wednesday, May 8th. Mizuho initiated coverage on shares of Wynn Resorts in a research report on Thursday, April 4th. They set a buy rating and a $131.00 target price for the company. StockNews.com upgraded Wynn Resorts from a hold rating to a buy rating in a research report on Friday, May 17th. Barclays increased their target price on Wynn Resorts from $124.00 to $128.00 and gave the company an overweight rating in a research report on Thursday, May 9th. Finally, Morgan Stanley upped their price objective on Wynn Resorts from $107.00 to $114.00 and gave the company an equal weight rating in a research report on Tuesday, April 9th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Wynn Resorts has an average rating of Moderate Buy and a consensus target price of $121.15.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $86.33 on Tuesday. Wynn Resorts has a 1 year low of $81.65 and a 1 year high of $112.25. The firm has a market cap of $9.68 billion, a PE ratio of 11.83 and a beta of 1.82. The company has a 50 day simple moving average of $93.36 and a two-hundred day simple moving average of $96.89.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Tuesday, May 7th. The casino operator reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.16. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the business posted $0.29 earnings per share. The company’s revenue was up 30.9% on a year-over-year basis. As a group, research analysts anticipate that Wynn Resorts will post 5.59 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 20th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Friday, May 17th. Wynn Resorts’s dividend payout ratio is currently 13.70%.

Insider Activity at Wynn Resorts

In other news, Director Betsy S. Atkins sold 2,446 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total value of $230,877.94. Following the completion of the sale, the director now owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in Wynn Resorts in the 4th quarter worth about $157,305,000. Interval Partners LP lifted its position in shares of Wynn Resorts by 999.0% during the 1st quarter. Interval Partners LP now owns 400,911 shares of the casino operator’s stock valued at $40,985,000 after buying an additional 364,432 shares in the last quarter. Janus Henderson Group PLC raised its position in Wynn Resorts by 22.2% during the first quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock worth $115,082,000 after acquiring an additional 204,852 shares during the period. Vanguard Group Inc. grew its position in shares of Wynn Resorts by 1.5% in the first quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator’s stock valued at $1,127,456,000 after purchasing an additional 166,594 shares during the period. Finally, Eminence Capital LP purchased a new stake in Wynn Resorts during the 4th quarter valued at about $15,089,000. 68.87% of the stock is owned by institutional investors and hedge funds.

About Wynn Resorts

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.